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Registered number: 08799300
Lewis Marine Limited
Financial Statements
For The Year Ended 31 December 2024
Beeson Cornish
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08799300
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,560 1,873
Tangible Assets 5 35,240 27,374
36,800 29,247
CURRENT ASSETS
Stocks 6 28,312 40,000
Debtors 7 32,666 77,861
Cash at bank and in hand 113,835 104,971
174,813 222,832
Creditors: Amounts Falling Due Within One Year 8 (70,410 ) (116,093 )
NET CURRENT ASSETS (LIABILITIES) 104,403 106,739
TOTAL ASSETS LESS CURRENT LIABILITIES 141,203 135,986
Creditors: Amounts Falling Due After More Than One Year 9 - (3,550 )
NET ASSETS 141,203 132,436
CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Profit and Loss Account 140,203 131,436
SHAREHOLDERS' FUNDS 141,203 132,436
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Page 2
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Sally Lewis
Director
04/03/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Lewis Marine Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08799300 . The registered office is Yacht Haven Quay, Breakwater Works Breakwater Road, Plymouth, PL9 7HJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to the profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% Reducing Balance
Motor Vehicles 15% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 15% Reducing Balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 5)
6 5
4. Intangible Assets
Other
£
Cost
As at 1 January 2024 3,125
As at 31 December 2024 3,125
Amortisation
As at 1 January 2024 1,252
Provided during the period 313
As at 31 December 2024 1,565
Net Book Value
As at 31 December 2024 1,560
As at 1 January 2024 1,873
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 January 2024 19,337 17,000 30,599 66,936
Additions 1,199 9,521 3,366 14,086
As at 31 December 2024 20,536 26,521 33,965 81,022
Depreciation
As at 1 January 2024 10,535 5,943 23,084 39,562
Provided during the period 1,501 3,087 1,632 6,220
As at 31 December 2024 12,036 9,030 24,716 45,782
Net Book Value
As at 31 December 2024 8,500 17,491 9,249 35,240
As at 1 January 2024 8,802 11,057 7,515 27,374
6. Stocks
2024 2023
£ £
Stock 28,312 40,000
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 26,656 71,452
Other debtors 6,010 6,409
32,666 77,861
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 27,985 69,977
Bank loans and overdrafts 102 28
Other creditors 4,287 4,003
Taxation and social security 38,036 42,085
70,410 116,093
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other loans - 3,550
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
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